The China-Maldives Free Trade Agreement (FTA) took effect on Wednesday, the first day of 2025, with more than 95 percent of products traded between the two countries exempted from tariffs.
In east China's Shandong Province, one of the country's major exporters to the Maldives, a local electronics manufacturer expects its exports to the country to rise by 20 percent under the agreement.
"The agreement will improve our products' export competitiveness. We are now in negotiations with our Maldivian clients for further cooperation to expand our export scale. With tariff reductions and exemptions under the FTA, we anticipate a growth of approximately 20 percent in our exports throughout 2025," said Zhao Zhengcong, chief engineer of the company.
The agreement will benefit a wide range of products traded between the two countries including ship, steel, furniture, ceramics, vegetables and fruits from China, and seafood, nuts, wooden ornaments from the Maldives.
"After the China-Maldives FTA takes effect, over 70 percent of the tax items from the Maldives will be exempted from tariffs. Shandong's major beneficiary industries include plastic products, steel products, and automotive parts. Preliminary calculation suggests that in the first year after the agreement come into effect, Shandong enterprises will save approximately 8 million yuan in tariff cuts and exemptions from exports to the Maldives," said Bi Haijun, director of the tariff department of Qingdao Customs in Shandong.
China-Maldives free trade agreement takes effect
China-Maldives free trade agreement takes effect
